What do you think of this property?

Tacoma lot zoned RCX with engineering and building plans for 5-plex (all units to be 2 BD/1.75BA). Tacoma City Council approved an 8-year tax abatement for the project. No property taxes on improvements for 8 full years after construction complete. City estimates over $7,000 per year of tax savings (x 8 years!), which nearly pays for the land itself and provides for extra strong cash flow once built. City knows project - all pre-approvals done. All utilities in the street. Great opportunity for builder or investor to submit permits and build.